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Eurusd-3

EURUSD stays on the way to sub-1.0300 regionEURUSD again bounces off the monthly low as sellers flirt with a horizontal area surrounding multiple levels marked since April. That being said, RSI and MACD back the major currency pair’s mid-week retreat, which in turn hints at the break of the immediate support zone near 1.0490-80. The following downturn could aim for the yearly low close to 1.0350 before allowing a chance for the bears to breathe. In a case where the quote fails to rebound from 1.0350, the odds of witnessing an extended south-run towards the 61.8% Fibonacci Expansion (FE) of late March-May move, around 1.0265, will be in focus. On the contrary, a 21-DMA and 50-DMA confluence of 1.0610 appears to be a tough nut to crack for the bulls. Even if the EURUSD rises past 1.0610, a downward sloping resistance line from March, close to 1.0620, could act as an extra filter to the north before giving control to the bulls. Following that, a run-up towards the monthly high of 1.0773 can’t be ruled out. However, May’s peak near 1.0785 could challenge the pair’s upside moves afterward. Overall, EURUSD has more downside scope than the otherwise but the US dollar’s dormancy probes bears.
by MTradingGlobal
EURUSD stays on the way to mid-1.3000sEURUSD holds onto its bearish bias, despite bouncing off an immediate support line. That said, a sustained trading below the 200-SMA and previous support line from late May keeps bears hopeful of breaking the nearby trend line support, around 1.0450. Following that, multiple levels surrounding 1.0400 could test the downside momentum before directing the quote towards the previous monthly low near 1.0350, also the lowest level since 2017. In a case where the pair refreshes its yearly bottom, the year 2017’s trough close to 1.0340 could act as the last defense of the bulls. On the upside, further recovery may eye 50% Fibonacci retracement (Fibo.) of May 13-30 upside, near 1.0570. However, a convergence of the 200-SMA and the descending trend line from May 25 around 1.0600 appears a tough nut to crack for the EURUSD buyers. Even if the quote successfully crosses the 1.0600 hurdle, the June-start low around 1.0630 will be a crucial challenge for the bulls before retaking the control. Overall, EURUSD stays on the bear’s radar even after teasing a double-bottom bullish chart pattern.
Short
by MTradingGlobal
THE DOLLAR INDEX MIGHT SEE A CORRECTION OR EVEN A REVERSALthe dollar index might see a sell-off for quite a few while the reasons for it is REASONS 1. on a 1week time frame we are seeing a strong resistance. 2. on the 1day time frame we are seeing double top on the resistance. 3. and on 15 min time frame, we can see a head and shoulder pattern and a descending triangle pattern. 4. if the US market stays positive today we could see and in verse affect the dollar index. so, my suggestion is to stay against the dollar and you could eventually capture a big move
CAPITALCOM:DXYShort
by farhanf7867
LONG OPPORTUNITY ON EUR/USD the EUR/USD can see a rally for some time REASONS 1. we are at a very crucial weekly support. 2. we made a double bottom on such crucial support. 3. on 1h time frame we broke a trend that had been tested quite a few times. 4. the dollar index is at its all-time high and made a double top. so, as the USD depreciates we will see a rally in EUR/USD. NOTE: IF THE US STOCKMARKET CLOSES IN GREEN OR MAKE SIGNS OF RECOVERY WE MIGHT SEE A HUGE RALLY IN THIS FOREX SO KEEP A TRACK OF US MARKET AS WELL
Long
by farhanf7867
EURUSD has more downside room amid pre-Fed USD strengthEURUSD dribbles around a monthly low after breaking the six-week-old horizontal support. That said, the downward sloping RSI (14) line, not oversold, joins bearish MACD signals to also hint at the major currency pair’s further downside. With this, the sellers brace for the yearly low surrounding 1.0350. However, the RSI line and nearness to the Fed may restrict the quote’s downside below the same, if not then the 61.8% Fibonacci Expansion (FE) of late March-May moves, around 1.0270, will gain the market’s attention. On the contrary, corrective pullback needs to sustain beyond the immediate support-turned-resistance, around 1.0460-70, to convince short-term EURUSD buyers. Following that, the 20-DMA level near 1.0650 will precede the monthly top of 1.0773 to challenge the pair’s further upside. It’s worth noting that May’s top near 1.0790 acts as a validation point for the quote’s run-up towards late April swing high near 1.0935. Overall, broad US dollar strength ahead of the Fed’s widely anticipated rate hike keeps EURUSD pressured towards refreshing the yearly low marked in May.
by MTradingGlobal
EURUSD bulls run out of steam ahead of ECBAlthough EURUSD battles a four-month-old resistance line, the lower high of prices contrasts with the higher high of the RSI (14) to portray a hidden bearish divergence and tease sellers ahead of the key European Central Bank (ECB) meeting. That said, the 21-DMA, around 1.0635 appears to be the immediate support to watch during the quote’s pullback ahead of welcoming the south-run. During the fall, the six-week-long horizontal area surrounding 1.0470-60 could act as the last defense of the buyers before directing the pair towards the yearly low marked in May around 1.0350. Meanwhile, 38.2% Fibonacci retracement of February-May downside, near 1.0785, and March’s low near 1.0805 seem the validation points for the EURUSD pair’s further upside, even if it successfully crosses the aforementioned resistance line near 1.0740. Should the major currency pair stays firmer past 1.0805, late April swing high and the 100-DMA, close to 1.0940, will lure the pair bulls. Overall, EURUSD’s latest rebound portrays the hawkish expectations from the ECB, failing to comply with the same can quickly drag the quote towards the south.
by MTradingGlobal